SkyBridge Capital founder Anthony Scaramucci has issued a calming message to the Bitcoin community following a sharp weekend sell-off that pushed the cryptocurrency's price into the $72,000 range. In a post on X, Scaramucci emphasized that investors should not let short-term price swings alter their long-term view of the asset.
"Bitcoin got us to $126,000. So now we feel terrible at $72,000," Scaramucci wrote. He stressed the fundamental value proposition remains unchanged: "But here's the thing — you own Bitcoin. I owned one Bitcoin before the rally. I owned one Bitcoin during the bear market. Same Bitcoin. Different feelings. The asset didn't change. The price did." He concluded his message with a firm declaration: "Nothing stops this train."
The call for calm comes after a severe market squeeze. Early Sunday morning at 1 a.m. UTC, Bitcoin printed a massive red candle, plummeting to a wick low of $71,349. This move triggered widespread liquidations across the crypto market. Data shows that nearly 120,000 traders were liquidated within 24 hours, with losses reaching almost $189.85 million over a 12-hour period. Leveraged long positions absorbed the majority of the damage, accounting for $132.80 million of that 12-hour total.
Scaramucci has previously acknowledged the market's shift into a bear phase. Earlier this year, he stated the main question was no longer if a bear market had arrived, but how long the pressure would last. Reflecting this more cautious outlook, he has revised his Bitcoin cycle price target downward from $170,000 to $150,000.
He attributes the slower market momentum to what he calls "demographic tension," explaining that "Crypto is still young money. Old money moves slower." Despite the downturn and criticism from prominent skeptics like Peter Schiff, who took a "victory lap" after the drop, Scaramucci's core advice remains: ignore short-term noise, avoid excess leverage, and focus on the fundamental asset.
